Scrip – Coal Company Tokens

There was a time when there were more than 20,000 company stores using scrip in pace of, or in addition to, cash wages in North America.(*1) It has been estimated that around 75% of all the scrip that was used was used by coal companies in Eastern Kentucky, West Virginia and Virginia. People in these areas called the tokens “scrip” and the name stuck and is what is still used today. Scrip was known by many other names in the early days, among them: Trade Tokens, Flickers, Secos, Clackers, Checks, P’Lollys, Good Fors, Lightweights, Bingles, Stickers, Chink-tins and Dugaloos (keep in mind that scrip came in paper as well as in metal form).  (*2) Scrip Started As A Company Store Trade Credit Scrip Coupon Book Scrip started out as a trade credit for the company store. For example,...

Private Tokens And The Regulation Of Coins

Private tokens were  first seen in the early 1860s. In 1862, many Americans, especially in the Midwestern and Northern states began responding to the hoarding of gold, silver, and nickel by using private minters. Private tokens were made locally. Since there was no real regulation on the use of other coinage outside that of the United States Mint, the storekeepers and businesses began accepting these bronze coins. Private tokens were used until the end of the war. It is thought that there were over 25,000,000 of these one cent private coins minted by 1864. Private Tokens & The Coinage Act of 1864 One Cent Private Token The minting of private tokens – or coins –  ended with the passing of the Coinage Act of 1864. This stopped the manufacture of one and two cent small tokens....